Truist Financial Forecasts Strong Price Appreciation for BeOne Medicines (NASDAQ:ONC) Stock

BeOne Medicines (NASDAQ:ONC) had its price target boosted by analysts at Truist Financial from $418.00 to $420.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 14.57% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Citigroup reaffirmed an “outperform” rating on shares of BeOne Medicines in a report on Thursday, August 6th. Citizens Jmp boosted their target price on BeOne Medicines from $396.00 to $405.00 and gave the company a “market outperform” rating in a research note on Thursday, August 6th. Nomura upgraded BeOne Medicines to a “strong-buy” rating in a research note on Monday, July 27th. Zacks Research lowered shares of BeOne Medicines from a “strong-buy” rating to a “hold” rating in a research report on Monday. Finally, Weiss Ratings upgraded shares of BeOne Medicines from a “sell (d-)” rating to a “hold (c+)” rating in a research note on Tuesday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $404.29.

BeOne Medicines Stock Performance

Shares of NASDAQ:ONC traded up $3.81 during midday trading on Wednesday, reaching $366.60. The company had a trading volume of 54,328 shares, compared to its average volume of 305,415. The stock has a market cap of $40.25 billion, a P/E ratio of 64.52 and a beta of 0.61. The company’s 50 day moving average price is $355.32 and its 200 day moving average price is $317.50. The company has a current ratio of 3.40, a quick ratio of 3.06 and a debt-to-equity ratio of 0.17. BeOne Medicines has a 52-week low of $253.95 and a 52-week high of $385.22.

BeOne Medicines (NASDAQ:ONC) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.40 by $0.65. BeOne Medicines had a net margin of 10.70% and a return on equity of 14.23%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.66 billion. As a group, sell-side analysts anticipate that BeOne Medicines will post 8.81 EPS for the current fiscal year.

Insider Activity

In other BeOne Medicines news, CEO John Oyler sold 145,861 shares of BeOne Medicines stock in a transaction dated Tuesday, July 14th. The stock was sold at an average price of $305.95, for a total transaction of $44,626,172.95. Following the completion of the transaction, the chief executive officer owned 8,122 shares of the company’s stock, valued at $2,484,925.90. The trade was a 94.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Xiaodong Wang sold 38,287 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $349.10, for a total value of $13,365,991.70. Following the sale, the insider owned 6,079 shares in the company, valued at approximately $2,122,178.90. This represents a 86.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 632,311 shares of company stock valued at $210,869,364. 6.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC boosted its position in shares of BeOne Medicines by 24.0% during the 1st quarter. Parallel Advisors LLC now owns 351 shares of the company’s stock valued at $104,000 after acquiring an additional 68 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of BeOne Medicines by 16.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 369 shares of the company’s stock valued at $110,000 after buying an additional 52 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of BeOne Medicines during the 1st quarter worth $201,000. Empowered Funds LLC bought a new stake in shares of BeOne Medicines during the 1st quarter worth $201,000. Finally, AXQ Capital LP purchased a new position in BeOne Medicines in the second quarter worth $201,000. Institutional investors own 48.55% of the company’s stock.

About BeOne Medicines

BeOne Medicines Ltd. (NASDAQ: ONC) is a global oncology company focused on discovering, developing, manufacturing and commercializing medicines for people with cancer. The company operates across the research and development, clinical testing, regulatory and commercial stages of the biopharmaceutical industry, with an emphasis on treatments for blood cancers and solid tumors.

Its marketed portfolio includes BRUKINSA (zanubrutinib), a Bruton’s tyrosine kinase inhibitor used to treat several B-cell malignancies, and TEVIMBRA (tislelizumab), an immunotherapy targeting the PD-1 pathway for certain cancers.